Item 2. Properties
Item 2. Properties
We lease corporate offices throughout the U.S., the U.K. and Canada and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated net real estate investments, exclusive of real estate loan investments designated as non-segment/corporate as of December 31, 2025 (dollars in thousands):
Seniors Housing Operating Triple-net Outpatient Medical
Property Location Number of Properties Total Investment Annualized Revenues (1)
Number of Properties Total Investment Annualized Revenues (1)
Number of Properties Total Investment Annualized Revenues (1)
Alabama 11 $ 167,706 $ 33,553 — $ — $ — — $ — $ —
Arkansas 3 81,239 15,900 — — — — — —
Arizona 13 389,774 78,565 — — — 3 14,402 2,926
California 113 3,986,062 1,137,128 23 399,113 67,329 23 589,530 78,927
Colorado 24 809,111 176,238 7 198,022 18,510 — — —
Connecticut 9 379,767 89,120 5 94,175 9,501 — — —
District Of Columbia 2 209,203 27,502 — — — — — —
Delaware 6 58,918 31,810 6 74,115 7,870 — — —
Florida 45 1,674,993 346,988 85 1,245,712 172,084 4 40,570 15,516
Georgia 21 495,965 93,806 3 34,696 3,494 11 177,240 29,798
Hawaii 1 79,838 27,286 — — — — — —
Iowa 10 116,262 38,927 6 31,652 3,307 — — —
Idaho 8 168,382 19,223 — — — — — —
Illinois 37 638,498 258,361 19 175,037 18,509 3 53,917 11,542
Indiana 22 498,047 132,529 18 181,891 29,666 — — —
Kansas 9 122,239 50,800 4 57,090 9,229 — — —
Kentucky 10 191,539 38,265 — — — — — —
Louisiana 9 184,943 62,164 1 4,167 — 1 19,642 1,705
Massachusetts 23 1,069,869 218,157 9 258,007 19,636 — — —
Maryland 12 674,699 173,355 10 100,191 35,717 3 38,467 10,005
Maine 1 24,109 12,908 — — — — — —
Michigan 46 709,800 226,852 10 107,802 22,980 2 45,344 5,330
Minnesota 21 490,663 122,752 — — — 2 19,451 6,129
Missouri 13 446,194 72,135 1 12,104 — 1 10,147 12,609
Mississippi 5 74,922 30,028 — — — 1 12,493 1,847
Montana 3 52,884 13,561 — — — — — —
North Carolina 17 831,453 132,681 49 435,717 76,164 2 188,492 17,804
North Dakota 1 12,139 1,604 — — — — — —
Nebraska 8 90,706 21,298 — — — 1 10,663 2,306
New Hampshire 3 78,712 10,008 8 118,169 12,956 — — —
New Jersey 30 854,057 283,456 30 683,823 70,788 — — —
New Mexico 1 31,355 3,777 — — — — — —
Nevada 7 116,983 39,454 — — — 2 33,128 4,630
New York 42 920,258 247,738 3 32,673 2,959 8 206,004 20,094
Ohio 61 1,297,256 322,062 31 221,702 38,977 — — —
Oklahoma 17 235,211 91,697 7 9,098 2,375 5 35,995 5,672
Oregon 13 160,630 59,195 1 2,167 964 — — —
Pennsylvania 33 676,719 203,106 49 551,222 103,948 2 37,454 4,752
Rhode Island — — — 3 28,761 3,876 — — —
South Carolina 10 336,833 56,127 6 21,748 5,994 — — —
Tennessee 10 210,096 62,655 3 10,457 1,994 1 13,408 1,335
Texas 114 2,762,924 629,606 138 2,509,513 303,920 49 1,249,514 136,538
Utah 3 63,161 27,107 1 19,879 2,108 — — —
Virginia 15 806,393 197,526 25 232,864 55,429 2 40,715 5,679
Vermont 3 98,820 44,907 2 21,973 2,578 — — —
Washington 44 1,366,232 304,489 7 81,962 6,061 3 62,723 15,647
Wisconsin 6 96,196 43,106 1 2,557 880 — — —
West Virginia — — — 7 191,797 21,021 — — —
Total domestic 915 24,841,760 6,309,512 578 8,149,856 1,130,824 129 2,899,299 390,791
Canada 128 3,281,933 733,460 6 117,209 10,042 — — —
United Kingdom 743 12,396,548 3,934,676 227 4,392,694 466,831 — — —
Total international 871 15,678,481 4,668,136 233 4,509,903 476,873 — — —
Grand total 1,786 $ 40,520,241 $ 10,977,648 811 $ 12,659,759 $ 1,607,697 129 $ 2,899,299 $ 390,791
(1) Represents revenue for the month ended December 31, 2025, annualized.
49
The following table sets forth occupancy and average annualized revenues for certain property types (excluding investments in unconsolidated entities):
Occupancy (1)
Average Annualized Revenues (2)
2025 2024 2025 2024
Seniors Housing Operating (3)
87.5% 84.7% $ 63,625 $ 58,519 per unit
Triple-net (4)
73.1% 83.3% 24,461 16,600 per bed/unit
Outpatient Medical (5)
95.8% 94.6% 34 39 per sq. ft.
(1) We use unaudited periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information.
(2) Represents December annualized revenues as presented in the tables above, divided by total beds, units or square feet in service.
(3) Occupancy represents average occupancy of properties in service for the three months ended December 31.
(4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful.
(5) Occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31.
The following table sets forth information regarding operating lease expirations for certain portions of our portfolio as of December 31, 2025 (dollars in thousands):
Expiration Year (1)
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter
Triple-net:
Properties
7 2 4 5 19 5 151 43 1 27 507
Base rent (2)
$ 12,527 $ 1,287 $ 6,669 $ 1,115 $ 42,747 $ 11,382 $ 151,524 $ 64,470 $ 433 $ 51,875 $ 836,680
% of base rent
1.1 % 0.1 % 0.6 % 0.1 % 3.6 % 1.0 % 12.8 % 5.5 % — % 4.4 % 70.8 %
Units
1,068 295 565 257 2,043 423 9,323 3,331 81 2,391 50,329
% of units 1.5 % 0.4 % 0.8 % 0.4 % 2.9 % 0.6 % 13.3 % 4.8 % 0.1 % 3.4 % 71.8 %
Outpatient Medical:
Square feet
4,439,681 1,000 78,764 84,956 212,441 196,681 63,913 — 129,864 196,082 2,423,619
Base rent (2)
$ 141,006 $ 22 $ 1,993 $ 2,199 $ 4,610 $ 3,527 $ 2,456 $ — $ 3,370 $ 2,901 $ 80,441
% of base rent
58.1 % — % 0.8 % 0.9 % 1.9 % 1.5 % 1.0 % — % 1.4 % 1.2 % 33.2 %
Leases
795 1 3 3 4 3 2 — 2 3 31
% of leases
93.9 % 0.1 % 0.4 % 0.4 % 0.5 % 0.4 % 0.2 % — % 0.2 % 0.4 % 3.5 %
(1) Excludes investments in unconsolidated entities, developments, redevelopments, properties subject to sales-type leases, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2026.
(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income.